On January 1, Year 1, Jones Company issued bonds with a $170,000 face value, a stated rate of interest of 7.0%, and a 5-year term to maturity. The bonds were issued at 98. Interest is payable in cash on December 31st of each year. The company amortizes bond discounts and premiums using the straight-line method.What is the amount of interest expense shown on Jones' income statement for the year ending December 31, Year 1?
A. $11,900
B. $11,220
C. $13,260
D. $12,580
Answer: D
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